She’s already the world’s youngest “self-made” billionaire, but Kylie Jenner has just got a WHOLE lot richer!
WATCH: Kylie Jenner reveals the secret to her photoshoot skin prep
Multinational beauty corporation Coty has today announced that it will pay $600 million (A$882 million) for a majority stake in Kylie Jenner’s make-up and skincare businesses, Kylie Cosmetics and Kylie Skin.
The deal is set to value Kylie cosmetics – which the 22-year-old founded in 2015 when she was just 18, at about $US1.2 billion.
The deal will also see Coty gain a 51 per cent stake in the company, while Kylie will keep a 49 per cent stake in the company and remain the creative lead on product development and marketing.
According to news.com.au, Coty’s payout is part of the company’s strategy to tap into the reality TV star and social media phenomenon’s massive online reach – the reality star has over 270 million followers across her personal and brand social media channels and is considered one of the most influential voices amongst young beauty consumers.
Coty said Kylie Cosmetics had an estimated $177 (A$260 million) in net revenues over the past 12 months.
Last year, Jenner brought in sales of an estimated $360 million (A$529 million), according to Forbes, putting her on its list of self-made billionaires.
“Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together,” said Peter Harf, chairman of Coty’s board.
Business Wire reported Jenner announced: “I’m excited to partner with Coty to continue to reach even more fans of Kylie Cosmetics and Kylie Skin around the world.
“I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media.
“This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse.”
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